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Note 10 - Business Segment Reporting
 12 Months Ended
May 29, 2016
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
10.
Business Segment Reporting
 
The Company manages its business operations through three strategic business units. Based upon the information reported to the chief operating decision maker, who is the Chief Executive Officer, the Company has the following reportable segments
: the Packaged Fresh Vegetables segment, the Food Export segment and the Biomaterials segment.
 
The Packaged Fresh Vegetables segment markets and packs specialty packaged whole and fresh-cut fruit and vegetables, the majority of which incorporate the BreatheWay specialty packaging for the retail grocery, club store and food services industry. In addition, the Packaged Fresh Vegetables segment sells BreatheWay packaging to partners for fruit and vegetable products. The Food Export segment consists of revenues generated from the purchase and sale of primarily whole commodity fruit and vegetable products primarily to Asia. The Biomaterials segment sells products utilizing hyaluronan, a naturally occurring polysaccharide that is widely distributed in the extracellular matrix of connective tissues in both animals and humans, and non-HA products for medical use primarily in the Ophthalmic, Orthopedic and other markets. Corporate licenses Landec’s Intelimer polymers for agricultural products, personal care products and other industrial products. The Corporate segment also includes general and administrative expenses, non-Packaged Fresh Vegetables and non-Biomaterials interest income and income tax expenses. All of the assets of the Company are located within the United States of America.
 
The Company’s international sales by geography are based on the billing address of the customer and were as follows (in millions):
 
   
May 29, 2016
    
May 31, 2015
    
May 25, 2014
  
Canada
   $ 80.6     $ 79.7     $ 46.6  
Taiwan
   $ 32.3     $ 32.1     $ 30.7  
Belgium
   $ 13.4     $ 6.8     $ 13.1  
Indonesia
   $ 9.4     $ 9.0     $ 9.6  
China
   $ 8.3     $ 9.0     $ 8.2  
Japan
   $ 6.4     $ 8.5     $ 9.9  
All Other Countries
   $ 17.0     $ 18.4     $ 19.1  
 
Operations by segment consisted of the following (in thousands):
 
 
Fiscal Year Ended May 29, 2016  
Packaged Fresh
Vegetables
    
Food Export
    
Biomaterials
    
Corporate
    
TOTAL
  
Net sales
   $ 423,859     $ 64,181     $ 50,470     $ 2,589     $ 541,099  
International sales
   $ 81,242     $ 64,181     $ 21,993     $ —     $ 167,416  
Gross profit
   $ 40,479     $ 4,176     $ 24,081     $ 2,221     $ 70,957  
Net income (loss)
   $ (31,975 )   $ 699     $ 9,499     $ 10,136     $ (11,641 )
Identifiable assets
   $ 213,341     $ 29,124     $ 98,986     $ 2,019     $ 343,470  
Depreciation and amortization
   $ 6,648     $ 1     $ 2,606     $ 140     $ 9,395  
Capital expenditures
   $ 26,892     $ —     $ 13,975     $ —     $ 40,867  
Dividend income
   $ 1,650     $ —     $ —     $ —     $ 1,650  
Interest income
   $ 46     $ —     $ 25     $ —     $ 71  
Interest expense
   $ 1,721     $ —     $ 266     $ —     $ 1,987  
Income tax expense (benefit)
  $ 415     $ 143     $ 1,946     $ (9,908 )   $ (7,404 )
                                         
Fiscal Year Ended May 31, 2015
                                        
Net sales
   $ 430,415     $ 67,837     $ 40,432     $ 573     $ 539,257  
International sales
   $ 80,500     $ 67,714     $ 15,246     $ —     $ 163,460  
Gross profit
   $ 45,993     $ 4,252     $ 14,609     $ 553     $ 65,407  
Net income (loss)
   $ 17,145     $ 1,041     $ 3,838     $ (8,480 )   $ 13,544  
Identifiable assets
   $ 228,672     $ 27,746     $ 85,779     $ 4,268     $ 346,465  
Depreciation and amortization
   $ 4,766     $ 6     $ 2,184     $ 134     $ 7,090  
Capital expenditures
   $ 12,895     $ —     $ 4,499     $ 117     $ 17,511  
Dividend income
   $ 1,417     $ —     $ —     $ —     $ 1,417  
Interest income
   $ 32     $ —     $ 254     $ 29     $ 315  
Interest expense
   $ 1,655     $ —     $ 174     $ —     $ 1,829  
Income tax expense
  $ 792     $ 48     $ 177     $ 6,729     $ 7,746  
                                         
Fiscal Year Ended May 25, 2014
                                        
Net sales
   $ 360,728     $ 69,827     $ 45,704     $ 554     $ 476,813  
International sales
   $ 47,224     $ 69,710     $ 20,312     $ —     $ 137,246  
Gross profit
   $ 36,318     $ 5,340     $ 20,456     $ 450     $ 62,564  
Net income (loss)
   $ 19,041     $ 1,973     $ 9,695     $ (11,564 )   $ 19,145  
Identifiable assets
   $ 196,257     $ 25,391     $ 85,858     $ 6,117     $ 313,623  
Depreciation and amortization
   $ 4,751     $ 6     $ 2,221     $ 136     $ 7,114  
Capital expenditures
   $ 10,950     $ —     $ 3,877     $ 59     $ 14,886  
Dividend income
   $ 1,125     $ —     $ —     $ —     $ 1,125  
Interest income
   $ 12     $ —     $ 242     $ 6     $ 260  
Interest expense
   $ 1,402     $ —     $ 248     $ —     $ 1,650  
Income tax expense
  $ 33     $ 3     $ 17     $ 10,530     $ 10,583